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The Wall Street Compensation Canard Revealed

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If you're upset about bailed-out banks paying big bonuses, you'll love this bit from a New York Times article:

"For months, Wall Street banks and the troubled automakers feverishly protested that their top executives would flee if they were not lavishly rewarded for their talents. New data, however, suggests the departures were more of a trickle than a flood. Of the 104 senior executives whose pay was set by the federal pay regulator in the last two years, 88 executives, or nearly 85 percent, are still with the companies even though their pay was drastically cut back, according to people briefed on the government data."

I guess they learned what we've all been saying: Where were they gonna go? Sure, some people will get scooped up by a hedge fund here or there. But there are only so many places you can go to get paid millions of dollars to lose billions of dollars. So the majority decided to stay put, and reap the rewards. It was a good decision for them. For taxpayers, not so much.

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